Business & Banking

Jun 1, 2003

Enersis Restructures

In May, Chilean power company Enersis and
its subsidiary Endesa-Chile successfully
restructured $2.33 billion in commercial bank debt with 32
banks. Enersis is majority-owned by the Spanish power company,
Endesa. The restructuring extends maturities
on existing debt through 2008. According to Fitch
Ratings, the new unsecured bank facility provides a
30-month grace period, places limits on additional indebtedness
and includes excess cash flow recapture provisions to reduce
debt. Enersis has $1.58 billion in syndicated loans outstanding
and Endesa owes a further $743 million to Banco Bilbao
Vizcaya Argentaria (BBVA), Citigroup, Dresdner Kleinwort
Wasserstein and Santander Central
Hispano. Following the restructuring, Fitch Ratings
downgraded Enersis and Endesa-Chile to BBB- from BBB+.

Bunge Bails on Brazil New York-based oilseed processor Bunge
sold its Brazilian business for $256 million in cash...